BHOPAL: The Reserve Bank of India (RBI) will not allow cooperative banks to exchange old notes of Rs 500 and Rs 1000. Cooperative department officials had a meeting with RBI officials on Wednesday over prohibition on cooperative banks to exchange old notes.
RBI officials clearly said that as central government has prohibited co-op banks cooperative department to exchange cash and in this condition, no question to grant permission in the state arises. In just four days of announcement of demonetisation, a whopping sum of around Rs. 450 crore has been deposited in accounts of cooperative banks. As per sources, cooperative banks and societies have accepted old notes for Rs 80 crore loan recovery.
In these banks, old notes have been exchanged and its information would be sent to the central government. Union finance department suspects some irregularity in exchange of old notes in cooperative banks which has resulted in their prohibition.
